Tsogo Sun spent 2.4 billion rand increasing its footprint in South Africa and the rest continent through acquisitions and improvements to existing hotels and casinos to compensate for slower growth in its main home market.

While “continued growth in profitability” is encouraging, the sustainability of the rate of growth is “uncertain due to weaker second-half trading, on-going macroeconomic pressure and weak consumer demand,” chief executive Marcel Von Aulock said in the statement.

The stock has advanced 8.2 percent this year, valuing the company at 34 billion rand.

This compares with a 12 percent gain for Sun International. - Bloomberg News

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